S T A T E O F N E W Y O R K
________________________________________________________________________
5591
2011-2012 Regular Sessions
I N A S S E M B L Y
February 23, 2011
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Introduced by M. of A. BRENNAN, CASTRO, BARRON, STEVENSON -- Multi-Spon-
sored by -- M. of A. BOYLAND, CLARK, DenDEKKER, DINOWITZ, GOTTFRIED,
LIFTON -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a cap on
certain tax credits, to impose a surcharge against certain taxes and
to increase the alternative minimum tax on corporations; and providing
for the repeal of certain provisions upon expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The tax law is amended by adding a new section 210-a to
read as follows:
S 210-A. CAP ON CERTAIN CREDITS. 1. FOR PURPOSES OF THIS SECTION, THE
TERM "COVERED CREDITS" SHALL MEAN AND INCLUDE THE FOLLOWING: THE ALTER-
NATIVE FUELS CREDIT SET FORTH IN SUBDIVISION TWENTY-FOUR OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, THE AUTOMATED EXTERNAL DEFIBRILLATOR CREDIT
SET FORTH IN SUBDIVISION TWENTY-FIVE OF SECTION TWO HUNDRED TEN OF THIS
ARTICLE, THE BIOFUEL PRODUCTION CREDIT SET FORTH IN SECTION TWENTY-EIGHT
OF THIS CHAPTER AND SUBDIVISION THIRTY-EIGHT OF SECTION TWO HUNDRED TEN
OF THIS ARTICLE, THE BROWNFIELD REDEVELOPMENT TAX CREDIT SET FORTH IN
SECTION TWENTY-ONE OF THIS CHAPTER AND SUBDIVISION THIRTY-THREE OF
SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE TAX CREDIT FOR REMEDIATED
BROWNFIELDS SET FORTH IN SECTION TWENTY-TWO OF THIS CHAPTER AND SUBDIVI-
SION THIRTY-FOUR OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE ENVI-
RONMENTAL REMEDIATION INSURANCE CREDIT SET FORTH IN SECTION TWENTY-THREE
OF THIS CHAPTER AND SUBDIVISION THIRTY-FIVE OF SECTION TWO HUNDRED TEN
OF THIS ARTICLE, THE CLEAN HEATING FUEL CREDIT SET FORTH IN SUBDIVISION
THIRTY-NINE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE CONSERVATION
EASEMENT CREDIT SET FORTH IN SUBDIVISION THIRTY-EIGHT OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, THE CREDIT FOR EMPLOYMENT OF PERSONS WITH
DISABILITIES SET FORTH IN SUBDIVISION TWENTY-THREE OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, THE EMPIRE STATE COMMERCIAL PRODUCTION
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08073-01-1
A. 5591 2
CREDIT, SET FORTH IN SECTION TWENTY-EIGHT OF THIS CHAPTER AND SUBDIVI-
SION THIRTY-EIGHT OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE EMPIRE
STATE FILM PRODUCTION CREDIT SET FORTH IN SECTION TWENTY-FOUR OF THIS
CHAPTER AND SUBDIVISION THIRTY-SIX OF SECTION TWO HUNDRED TEN OF THIS
ARTICLE, THE EMPIRE ZONE CAPITAL TAX CREDIT SET FORTH IN SUBDIVISION
TWENTY OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE EMPIRE ZONE
INVESTMENT TAX CREDIT SET FORTH IN SUBDIVISION TWELVE-B OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, THE EMPIRE ZONE EMPLOYMENT INCENTIVE CREDIT
SET FORTH IN SUBDIVISION TWELVE-C OF SECTION TWO HUNDRED TEN OF THIS
ARTICLE, THE INVESTMENT TAX CREDIT SET FORTH IN SUBDIVISION TWELVE OF
SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE EMPIRE ZONE WAGE TAX CREDIT
SET FORTH IN SUBDIVISION NINETEEN OF SECTION TWO HUNDRED TEN OF THIS
ARTICLE, THE GREEN BUILDING CREDIT SET FORTH IN SECTION NINETEEN OF THIS
CHAPTER AND SUBDIVISION THIRTY-ONE OF SECTION TWO HUNDRED TEN OF THIS
ARTICLE, THE CREDIT FOR COMPANIES WHO PROVIDE TRANSPORTATION TO INDIVID-
UALS WITH DISABILITIES SET FORTH IN SUBDIVISION FORTY OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, THE LOW INCOME HOUSING CREDIT SET FORTH IN
SECTION EIGHTEEN OF THIS CHAPTER AND SUBDIVISION THIRTY OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, THE CREDIT FOR THE SPECIAL ADDITIONAL MORT-
GAGE RECORDING TAX SET FORTH IN SUBDIVISION SEVENTEEN OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, THE CREDIT FOR SERVICING CERTAIN MORTGAGES
SET FORTH IN SUBDIVISION TWENTY-ONE-A OF SECTION TWO HUNDRED TEN OF THIS
ARTICLE, THE QUALIFIED EMERGING TECHNOLOGY COMPANY CAPITAL TAX CREDIT
SET FORTH IN SUBDIVISION TWELVE-F OF SECTION TWO HUNDRED TEN OF THIS
ARTICLE, THE QUALIFIED EMERGING TECHNOLOGY COMPANY EMPLOYMENT CREDIT SET
FORTH IN SUBDIVISION TWELVE-E OF SECTION TWO HUNDRED TEN OF THIS ARTI-
CLE, THE QUALIFIED EMERGING TECHNOLOGY COMPANY FACILITIES, OPERATIONS
AND TRAINING CREDIT SET FORTH IN SUBDIVISION TWELVE-G OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, THE QEZE CREDIT FOR REAL PROPERTY TAXES SET
FORTH IN SECTION FIFTEEN OF THIS CHAPTER AND SUBDIVISION TWENTY-SEVEN OF
SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE QEZE TAX REDUCTION CREDIT
SET FORTH IN SECTION SIXTEEN OF THIS CHAPTER AND SUBDIVISION
TWENTY-EIGHT OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE CREDIT FOR
REHABILITATION OF HISTORIC PROPERTIES SET FORTH IN SUBDIVISION FORTY OF
SECTION TWO HUNDRED TEN OF THIS ARTICLE AND THE SECURITY TRAINING TAX
CREDIT SET FORTH IN SECTION TWENTY-SIX OF THIS CHAPTER AND SUBDIVISION
THIRTY-SEVEN OF SECTION TWO HUNDRED TEN OF THIS ARTICLE.
2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE TOTAL ALLOWABLE
COVERED CREDITS THAT MAY BE CREDITED OR REFUNDED TO A TAXPAYER IN ANY
TAX YEAR SHALL BE LIMITED TO A TOTAL OF FIFTEEN MILLION DOLLARS. ANY
AMOUNT OF CREDIT EXCEEDING FIFTEEN MILLION DOLLARS NOT CREDITED PURSUANT
TO THIS SECTION IN ANY TAX YEAR MAY BE CARRIED OVER TO THE FOLLOWING TAX
YEAR OR YEARS AND MAY BE CREDITED AGAINST SUCH TAXPAYER'S TAX FOR SUCH
YEAR OR YEARS.
S 2. The tax law is amended by adding a new section 210-b to read as
follows:
S 210-B. SURCHARGE. 1. FOR PURPOSES OF THIS SECTION, THE FOLLOWING
TERMS SHALL HAVE THE FOLLOWING MEANINGS:
A. "TAXES SUBJECT TO SURCHARGE" SHALL MEAN AND INCLUDE THE FOLLOWING:
THE CORPORATION TAX IMPOSED PURSUANT TO ARTICLE NINE OF THIS CHAPTER,
THE FRANCHISE TAX ON BUSINESS CORPORATIONS IMPOSED PURSUANT TO ARTICLE
NINE-A OF THIS CHAPTER, THE FRANCHISE TAX ON BANKING CORPORATIONS
IMPOSED PURSUANT TO ARTICLE THIRTY-TWO OF THIS CHAPTER AND THE FRANCHISE
TAX ON INSURANCE CORPORATIONS IMPOSED PURSUANT TO ARTICLE THIRTY-THREE
OF THIS CHAPTER; AND
A. 5591 3
B. "FINAL TAX LIABILITY" SHALL MEAN THE TAX LIABILITY OF A TAXPAYER
AFTER ALL DEDUCTIONS AND CREDITS FOR WHICH SUCH TAXPAYER IS ELIGIBLE
HAVE BEEN TAKEN.
2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THERE IS HEREBY IMPOSED
A SURCHARGE AGAINST TAXES SUBJECT TO SURCHARGE FOR ANY TAXPAYER WHO IS
SUBJECT TO ONE OR MORE OF SUCH TAXES SUBJECT TO SURCHARGE. SUCH
SURCHARGE SHALL BE FIFTEEN PERCENT OF SUCH TAXPAYER'S FINAL TAX LIABIL-
ITY FOR THE TAX YEAR.
S 3. Subparagraph (ii) of paragraph (c) of subdivision 1 of section
210 of the tax law, as amended by section 5 of part N of chapter 60 of
the laws of 2007, is amended to read as follows:
(ii) For taxable years beginning in nineteen hundred ninety, nineteen
hundred ninety-one, nineteen hundred ninety-two, nineteen hundred nine-
ty-three and nineteen hundred ninety-four the amount prescribed by this
paragraph shall be computed at the rate of five percent of the taxpay-
er's minimum taxable income base. For taxable years beginning after
nineteen hundred ninety-four and before July first, nineteen hundred
ninety-eight, the amount prescribed by this paragraph shall be computed
at the rate of three and one-half percent of the taxpayer's minimum
taxable income base. For taxable years beginning after June thirtieth,
nineteen hundred ninety-eight and before July first, nineteen hundred
ninety-nine, the amount prescribed by this paragraph shall be computed
at the rate of three and one-quarter percent of the taxpayer's minimum
taxable income base. For taxable years beginning after June thirtieth,
nineteen hundred ninety-nine and before July first, two thousand, the
amount prescribed by this paragraph shall be computed at the rate of
three percent of the taxpayer's minimum taxable income base. For taxa-
ble years beginning after June thirtieth, two thousand, the amount
prescribed by this paragraph shall be computed at the rate of two and
one-half percent of the taxpayer's minimum taxable income base. For
taxable years beginning on or after January first, two thousand seven,
THE amount prescribed by this paragraph shall be computed at the rate of
one and one-half percent of the taxpayer's minimum taxable income base.
FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
ELEVEN, THE AMOUNT PRESCRIBED BY THIS PARAGRAPH SHALL BE COMPUTED AT THE
RATE OF THREE AND ONE-HALF PERCENT OF THE TAXPAYER'S MINIMUM TAXABLE
INCOME BASE. The "taxpayer's minimum taxable income base" shall mean the
portion of the taxpayer's minimum taxable income allocated within the
state as hereinafter provided, subject to any modifications required by
paragraphs (d) and (e) of subdivision three of this section.
S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2010, provided that section two
of this act shall expire and be deemed repealed January 1, 2015.